Update 5:19 PM: As Yzerman discussed his decision to leave the Red Wings with the AP's Fred Goodall...

May 25, Associated Press: "This is a long-term project for me. I believe building a Stanley Cup
caliber team takes time and there will be many decisions, some lengthy,
that will be made over the course of time," Yzerman said. "There
is no easy fix. I don't sit up here with the notion that there is a
magic wand I can wave and make changes and we're a Stanley Cup
contender. I plan on making the Lightning better for the upcoming
season, but the long-term goal is to make this team a perennial
contender."

Jimmy Devellano said this to the AP's Larry Lage:

"I have mixed emotions, both good and sad," said Red Wings senior
vice president Jim Devellano, who drafted Yzerman fourth overall in 1983
and watched him lead the franchise's turnaround on the ice. He's
been such an integral part of the Red Wings for 27 years, first as a
player and then as a front-office person," Devellano added. "I'm sad for
us, but happy for him to get this wonderful opportunity."

...

In Tampa Bay, Yzerman's inherits a team that's made three coaching
changes in two years but is not devoid of talent. The roster
includes two stars from the Stanley cup winner, Vincent Lecavalier and
Martin St. Louis, as well as Victor Hedman and Stephen Stamkos, the top
pick in the 2008 NHL draft who scored 51 goals this season to tie Sidney
Crosby for the league lead.

"Stevie will work for a singular
owner — similar to the setup we have in Detroit — and he's got a handful
of players to work with right away," Devellano said. "Stamkos and
Hedman are promising young players while St. Louis and Lecavalier are
good veterans."